Vopak posts 15% rise in Q1 operating profit

22 April 2008 08:05  [Source: ICIS news]

MUMBAI (ICIS news)--Vopak posted a 15% year-on-year rise in first quarter 2008 operating profit to €79.2m ($125.7m), on the back of improved margins and new capacity commissioned, the Dutch chemical and oil products tank terminal operator said on Tuesday.

Following the trend of previous quarters, the first quarter showed high occupancy rates and a rise in group operating profit, compared with the same period for last year, the company said.

For the quarter, the operating profit in the CEMEA division (chemicals Europe, Middle East & Africa) rose by 14% to €23.1m, while in the OEMEA division (oil Europe, Middle East & Africa) the operating profit was up 19% to €26m, the company said.

Vopak said that its operating profit in North America was up 4% to €7.5m and in Latin America, it rose 4% to €5.3m.

“The operating profit for the first quarter creates a sound basis for the remainder of this year. I expect our group operating profit, excluding exceptional items, to grow with at least 10%," John Broeders, chairman of the company, said in a statement.

($1 = €0.63)

By: Isha Jha
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly